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FY20 Budget Overview BA Meeting

FY20 Budget Overview BA Meeting. January 10, 2019. Wharton Budget Process | Overview. Framework : based loosely on current year’s budget + new/changing initiatives/ Departmental priorities

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FY20 Budget Overview BA Meeting

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  1. FY20 Budget OverviewBA Meeting January 10, 2019

  2. Wharton Budget Process | Overview • Framework: based loosely on current year’s budget + new/changing initiatives/ Departmental priorities • Schedules: translate framework for consistency across Wharton by categories + documentation of budget components • Hyperion: input of budget and review versus schedules and departmental context via Hyperion Reports • Review: of mechanical and contextual aspects of departmental budgets • Analysis: at School level to verify accuracy of budget, understand changes to upcoming budget versus current year forecast • Present: budget summary and additional request to Dean • Additional Analytics: as needed based on presentation • Budget Approvals: communicated for those departments with Funding requests • Trustee Approval: of overall budget

  3. FY20 Budget | Key Dates Wharton’s Final FY19 Forecast due to Central Apr 15 Academic Depts. FY19 Projections: update of Non-standing Faculty & PhD due Feb 15 Wharton’s FY20 Budget due to Central May 1 Wharton’s Winter FY19 Forecast due to Central Jan 15

  4. FY20 Budget | Training Options Budget Schedules Hyperion: Entry & Reports One-on-One Sessions

  5. FY20 Budget | Challenges Ahead • Transforming the Wharton Campus • The construction of two brand new state of the art academic facilities • Renovation and upgrading the entirety of Vance Hall • Substantial remodeling and restructuring of SHDH • Major infrastructure upgrades to JMHH • Current & Future Capital Investments • FY19 - $20M • FY20 - $57M • FY21 - $45M • FY22 - $28M • Economy & Stock Market • Strong economic growth and positive stock market gains for the last nine years have supported Wharton’s growth and success • A recession would present challenges for our Executive Education and External Affairs growth which we rely on to support the base operations of the School. !

  6. FY20 Budget | Methodology • New positions anticipated for FY20 will not be included in the FY20 budget • All new positions for FY20 will need to be requested through HR and approved by the Vice Dean of Finance & Administration and/or Deputy Dean as needed during the course of the fiscal year. • Budget requests for Additional Funds should only be submitted for essential needs • Attempt to fund smaller expenses through departmental productivity gains, using restricted funds, departmental discretionary funds or reducing spending in other areas. • All substantive requests will be submitted, with a written case for its necessity. These requests will be considered in relation to all requests, based upon the overall budget situation of the School. • Departmental meetings regarding the additional requests will be scheduled with the budget team and Vice Dean of Finance & Administration to examine the need and potential alternatives. • The Dean, in conjunction with the Vice Dean of Finance & Administration, will approve or reject spending proposals. !

  7. FY20 Budget | Potential Productivity Enhancements • Supplier relationships • Can we evaluate spending with major suppliers and see if existing terms can be renegotiated? • Can contracts be put out for bid? • Eliminating Wharton Printing will save the school $500k annually, while reducing stationary and print costs by 30% to 40% for Wharton departments. • Utilize technology to reduce costs and enhance efficiency • Wharton F&A had 25 printers within the department and has reduced it to 2 printers, resulting in significant lease savings. • Eliminating unnecessary leasing costs would result in large cost savings. • Could a technological solution reduce or eliminate existing expense? • Travel & Entertainment • Can trips be planned earlier to save on airfare costs? • Can we compare caterers based upon prices to try and reduce costs? • Can conferences and meetings be scaled back? • Is using technology for meetings rather than incurring travel expenses an option? !

  8. Strategic Planning Group | We are here to help! Contact your analyst with any questions during the budget prep period (now through March 7th) Sarah Grady 8-9227 Todd Pustilnick 6-8299 Jim Quinn 3-5404 Lisa Dresner 8-2691

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